District refinances bonds, saving tax payers one million dollars

North Kitsap School District has refinanced its outstanding bonds, saving taxpayers a total of one million dollars over the next three years. The district refinanced the bonds in order to take advantage of lower interest rates.

Superintendent Patty Page emphasized that these savings flow directly to local taxpayers through reduced annual taxes. “This is a direct savings to our community members in the form of taxes they expected, but will not have to pay,” Page said.

The North Kitsap School Board accomplished these savings by approving the issuance of an amount not to exceed $14,250,000 in refunding bonds at its regular meeting held on September 24, 2015. The district has been actively monitoring bond market conditions and recent low interest rates allowed the district to exceed its savings target. Interest rates averaged 1.03% on the new bonds compared to 5.125% on the old debt. The last bond refinance was in September of 2011.

In 2001, North Kitsap voters approved a $60 million bond for building upgrades, renovations and construction of Kingston High School.